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Investor Presentaiton

15 smaller efforts the routine, interstitial work of the administrative state. See Zuni Pub. Sch. Dist. No. 89 v. Dep't of Educ., 550 U.S. 81, 90 (2007). But the Court "expect[s] Congress to speak clearly if it wishes to assign to an agency decisions of vast economic and political significance." UARG, 573 U.S. at 324 (cleaned up). The reason? Major questions are poor candidates for agency decision-making. Top-level, political decisions "should be made by the national legislature, the branch best equipped by its structure and constituency" to respond to competing interests and priorities. United States v. District of Columbia, 669 F.2d 738, 744 (D.C. Cir. 1981). Further, "[a]dministrative knowledge and experience largely account for the presumption that Congress delegates interpretive lawmaking power to [an] agency." Kisor v. Wilkie, 139 S. Ct. 2400, 2417 (2019) (cleaned up). Major questions, however, implicate crosscutting matters extending beyond one agency's core expertise. The major-questions doctrine therefore responds to "the danger posed by the growing power of the administrative state." City of Arlington v. FCC, 569 U.S. 290, 315 (2013) (Roberts, C.J., dissenting). It rests on “two overlapping and reinforcing presumptions"-that Congress "intends to make major policy decisions itself," and that Congress should make those choices under a "separation of powers-based" default against delegating "major lawmaking authority." U.S. Telecom Ass'n v. FCC, 855 F.3d 381, 419 (D.C. Cir. 2017) (Kavanaugh, J., dissenting from denial of rehearing en banc). The doctrine also acts "in service of the constitutional rule that Congress may not divest itself of its legislative power." Gundy v. United States, 139 S. Ct. 2116, 2142 (2019) (Gorsuch, J., dissenting); see also, e.g., William N.
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